https://www.taxtmi.com/caselaws?id=362141 The High Court affirmed the decisions of the lower authorities regarding the treatment of donations received with stipulations for future use and the classification of unspent donations as current liabilities. It upheld the proper allocation of income based on the stipulated use of donations by the assessee, dismissing the appeals of the Revenue. The Court agreed that unspent donations earmarked for a specific charitable purpose in the next financial year should be considered as current liabilities, in line with consistent accounting practices followed by the assessee. en-us Mon, 11 Jun 2018 00:00:00 +0530 Tue, 19 Jun 2018 22:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362141 The High Court affirmed the decisions of the lower authorities regarding the treatment of donations received with stipulations for future use and the classification of unspent donations as current liabilities. It upheld the proper allocation of income based on the stipulated use of donations by the assessee, dismissing the appeals of the Revenue. The Court agreed that unspent donations earmarked for a specific charitable purpose in the next financial year should be considered as current liabilities, in line with consistent accounting practices followed by the assessee. Case-Laws Income Tax Mon, 11 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362141